MarketWatch: Dow finishes up over 700 points as stocks score best day in more than 3 weeks
Stocks rose sharply Tuesday in a broad rally, gaining ground as investors focused on...
Stocks rose sharply Tuesday in a broad rally, gaining ground as investors focused on earnings and guidance as equities extended a bounce from their June lows. The Dow Jones Industrial Average rose around 754 points, or 2.4%, to close near 31,827, according to preliminary figures. The S&P 500 SPX, +2.76% jumped 2.8% to finish near 3,937, while the Nasdaq Composite COMP, 3.11% advanced 3.1% to end near 11,713. The small-cap Russell 2000 RUT, +3.50% also jumped, rising 3.5% for its biggest one-day advance since Jan. 6, 2021, according to preliminary figures.
Shipments of Canadian oil to US refiners were thrown into disarray by a pipeline disruption just days...
Shipments of Canadian oil to US refiners were thrown into disarray by a pipeline disruption just days after President Joe Biden’s unsuccessful bid to coax more crude out of Saudi Arabia.
The force majeure declared by TC Energy Corp. on some crude flows through its massive Keystone pipeline prompted traders and refiners to bid up the price of a crucial grade of oil, potentially adding to already rampant energy inflation.
The disruption triggered by a power outage at a pump station in South Dakota -- where temperatures topped more than 100 Fahrenheit (38 Celsius), or 20 degrees above normal -- came after Biden returned from a meeting with Saudi royalty without any pledges to immediately expand crude supplies.
Oil producer APA Corp. on July 18 warned that its second-quarter oil and gas volumes would fall about...
Oil producer APA Corp. on July 18 warned that its second-quarter oil and gas volumes would fall about 8,000 bbl/d, or 3%, short of guidance following mixed production results from certain wells.
The company anticipates its second-quarter production in the U.S. to be 200,000 boe/d, versus a previous forecast of 206,000 boe/d.
Around 4,000 boe/d of the shortfall is associated with the performance of non-operated wells, while the rest is due to mixed results from wells that came online during the quarter in the Austin Chalk region in southeast Texas.
Sonatrach, partners to invest $4 billion to produce 1 billion oil equivalent in Berkine
ALGIERS, July 19 (Reuters) - Algeria’s Sonatrach and its partners Occidental ...
ALGIERS, July 19 (Reuters) - Algeria’s Sonatrach and its partners Occidental (OXY.N), TotalEnergies (TTEF.PA) and ENI will invest $4 billion dollars in the perimeter of Berkine to produce 1 billion of oil equivalent barrels, Sonatrach’s CEO Tewfik Hakkar told reporters.
Benchmark oil prices have dropped by about $15 a barrel in the past 10 days as the threat of recession...
Benchmark oil prices have dropped by about $15 a barrel in the past 10 days as the threat of recession clouds the demand outlook, but the physical oil trade and the futures market structure tell a quite different story.
But in the physical market, premiums have been at record levels. Nigerian Qua Iboe crude was offered at $11.50 a barrel above dated Brent this week, while North Sea grade Forties was bid at dated Brent plus $5.35 on Tuesday - both all-time highs.
